My friend Robert Sinn started putting out a weekly newsletter on his blog each weekend a few months back. It has become a regular read for me for two main reasons:
1. I consider the chess master and trader to be among the very smartest bloggers on the financial web and I like to compare my thinking to his.
2. Quick, try to name one other blogger who is both proficient in technical charting and has a deep understanding of the political and economic situation in Europe….yeah, didn’t think so.
His letter this weekend talks about how bulls and bears seem to be almost even here, a strange moment if ever there was one. More importantly, he points out that this coming Tuesday is plump with possibilities, fat with important developments and data:
Thursday/Friday’s market action was also noteworthy due to the fact that equities ($IWM $SPY) and gold ($GC_F $GLD) rallied aggressively while treasuries remained well bid ($TLT) – this is curious in itself and strengthens my belief in what I wrote in last week’s Letter regarding the Fed. If you were thinking of taking a day off this week it would be best to make sure that it is not Tuesday. With $BAC and $GS earnings set to be announced before the market open followed by a deluge of economic data, Chairman Bernanke’s highly anticipated semi-annual testimony to the Senate Banking Committee at 10am EST, and $INTC earnings after the close Tuesday is set to be a very important day for financial markets:
Get the rest below and put this guy in your feedreader if you haven’t already.